Annin Laboratories uses the weighted-average method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs Beginning inventory Current period units started Ending inventory $ 20,553 6,805 Quantity information is obtained from the manufacturing records and includes the following: 225,147 117,460 Costs of goods transferred out Costs in ending inventory 6,000 units (40% complete as to materials, 15% complete as to conversion 44,000 units 11,000 units ( 75% complete as to materials, 35% complete as to conversion ompute the cost of goods transferred out and the ending inventory for February using the weighted-average method. ote: Do not round intermediate calculations.
Annin Laboratories uses the weighted-average method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs Beginning inventory Current period units started Ending inventory $ 20,553 6,805 Quantity information is obtained from the manufacturing records and includes the following: 225,147 117,460 Costs of goods transferred out Costs in ending inventory 6,000 units (40% complete as to materials, 15% complete as to conversion 44,000 units 11,000 units ( 75% complete as to materials, 35% complete as to conversion ompute the cost of goods transferred out and the ending inventory for February using the weighted-average method. ote: Do not round intermediate calculations.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Annin Laboratories uses the weighted-average method to account for its work-in-process inventories. The accounting
records show the following information for February:
Beginning WIP inventory
Direct materials
Conversion costs
Current period costs
Direct materials
Conversion costs
Beginning inventory
Current period units started
Ending inventory
$ 20,553
6,805
Quantity information is obtained from the manufacturing records and includes the following:
225, 147
117,460
Costs of goods transferred out
Costs in ending inventory
6,000 units (40 % complete as to materials, 15 % complete as to conversion)
44,000 units
11,000 units (75% complete as to materials, 35% complete as to conversion)
Compute the cost of goods transferred out and the ending inventory for February using the weighted-average method.
Note: Do not round intermediate calculations.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe6ef2ac9-4239-45f5-8f12-a07768eab02c%2Fefdabac5-b0b3-43c7-9b95-f236b4e3a0cf%2F4ksb4n_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Annin Laboratories uses the weighted-average method to account for its work-in-process inventories. The accounting
records show the following information for February:
Beginning WIP inventory
Direct materials
Conversion costs
Current period costs
Direct materials
Conversion costs
Beginning inventory
Current period units started
Ending inventory
$ 20,553
6,805
Quantity information is obtained from the manufacturing records and includes the following:
225, 147
117,460
Costs of goods transferred out
Costs in ending inventory
6,000 units (40 % complete as to materials, 15 % complete as to conversion)
44,000 units
11,000 units (75% complete as to materials, 35% complete as to conversion)
Compute the cost of goods transferred out and the ending inventory for February using the weighted-average method.
Note: Do not round intermediate calculations.
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